Are you going to pay taxes? - page 6.

LordTricky

jr. member

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Quote from: princess.tyche on March 05, 2018, 07:27:20 PM

I'm a bit confused. In my country bitcoin hasn't been legalized by the government. But my dad, he said no matter where the money came from you have to report it. Even if it comes from robbery, gambling, etc the tax people don't even care. As long as you get your income increase you have to report it and pay the tax.

Your dad needs educating... tax is voluntary...

Tosin13

brand new

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Most definitely though presently in my country there is amnesty for tax evaders

princess.tyche

jr. member

Activity: 110

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I'm a bit confused. In my country bitcoin hasn't been legalized by the government. But my dad, he said no matter where the money came from you have to report it. Even if it comes from robbery, gambling, etc the tax people don't even care. As long as you get your income increase you have to report it and pay the tax.

k00d8

newbie

Activity: 75

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Quote from: SgtSpike on June 06, 2011, 06:15:32 PM

Quote from: Lynzoi on June 06, 2011, 06:12:06 PM

Quote from: Grant on June 06, 2011, 06:05:56 PM

It's standard "Capital Gains Tax" rather than "Income Tax" when you take it out, just like it would if you sold forex/pm or stocks for that matter.

All governments keep an eye on unusual inflows from accounts on that one, no i wouldn't recommend to cheat on that one.

Well, that sucks. I suppose suddenly acquiring 1,000,000 is a bit suspicious.

Can't this be reported as gambling winnings? Are those taxed?

Quote from: Timo Y on June 06, 2011, 06:06:38 PM

No I'm not.

Here in Switzerland there are no taxes on capital gains. Grin

Oh man... now I want to move to Switzerland. They've got good skiing too.

This makes me wonder what the laws are for people with dual citizenship. Do you have to pay taxes to BOTH countries? Probably not, because then the only way to escape US taxes would be to renounce your citizenship. That sounds difficult.

I doubt you could pass this off as gambling winnings, and those are taxed anyway (I believe as ordinary income, which would make it higher rate than capital gains).

Doesn't Switzerland have one of the highest income tax rates in the world though? Something like 80%? Lack of capital gains taxes or not, that sort of tax rate would make me just want to move there with a bunch of cash and retire, not necessarily become a working person in that environment.

Nope - in Switzerland the income tax is very low, 20% or so. That's one of the reasons why it is so attractive, coupled with very high earnings, high standard of living, fresh air and beautiful mountains.

kinilawnabakulaw

member

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Merit: 10

Converting cryptocurrencies to cash here in our country requires additional payment so, yes, tax is still somewhat being paid.

hensona

newbie

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If it's taxable in a country where I live, I have two choices. Break the law or obey it. I will most likely obey it. But if I can get away not paying taxes, I will probably not pay.

coolcoinz

legendary

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Merit: 1174

Quote from: anazinovjeva on March 05, 2018, 05:40:03 AM

I would rather spend the tax money on charity than give it to my government. This way it would actually help people.

You are right. I think that taxes should be collected by local authorities and spent on the local needs of the people who live in that area. I wouldn't mind paying if I saw the results. Unfortunately my money will end up somewhere in the capital, or worse, the EU council, where it will fill the pocket of some lazy clerk who will keep criticizing my country for not being modern enough and still using too many traditional light bulbs or some other nonsense.

wei_wuhan

newbie

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Yes surely i will and also i will urge others to pay taxes. The money we pay in taxes goes to many places.

LordTricky

jr. member

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Quote from: panekerbalap on March 05, 2018, 10:17:22 AM

I live in an all-inclusive area of taxation, with the regulation as a citizen must obey taxes.

citizenship is your own choice, you do know this right?? taxation is voluntary Wink

And NOBODY should fund defined terrorists...

panekerbalap

newbie

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I live in an all-inclusive area of taxation, with the regulation as a citizen must obey taxes.

LordTricky

jr. member

Activity: 98

Merit: 2

Quote from: anazinovjeva on March 05, 2018, 05:40:03 AM

I would rather spend the tax money on charity than give it to my government. This way it would actually help people.

well said

anazinovjeva

member

Activity: 224

Merit: 10

I would rather spend the tax money on charity than give it to my government. This way it would actually help people.

patrickj

sr. member

Activity: 490

Merit: 251

Why would we pay taxes if it is not required to do it? If it is the only thing to withdraw my bitcoins I will do it but half of my earned bitcoins, it is not fair though. They should taxes it 10 percent maybe not 50 percent.

Sithara007

legendary

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Leading Crypto Sports Betting & Casino Platform

Quote from: raizhur19 on March 05, 2018, 12:36:35 AM

if that system is inforced in our government we cant really do much to resist it. the best way is just follow if its reasonable and if not we just have to protest and show them that its not right.

There are always certain loopholes in the system, which you can take advantage of. Have you ever wondered why the super-rich always pay lower taxes when compared to the middle-class? They are able to do this, because they are making use of the loopholes.

raizhur19

newbie

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if that system is inforced in our government we cant really do much to resist it. the best way is just follow if its reasonable and if not we just have to protest and show them that its not right.

Lagoons

newbie

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Quote from: Stegobit on March 04, 2018, 11:21:55 PM

Quote from: Lagoons on March 04, 2018, 10:00:20 PM

Yes, especially since coinbase now has to hand such information for such a large amount to the IRS. And they sure as hell going to check it.

Coinbase is the only exchange for you?

Quote from: kerwin p on March 04, 2018, 10:38:20 PM

Of course yes, im a good citizen that will help our country.

Country (territory and people) ≠ government (gang of bandits and terrorists)!

It's the only place that I know to buy Bitcoin.

crishjovi

newbie

Activity: 149

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Quote from: Lynzoi on June 06, 2011, 06:02:22 PM

Are you going to pay taxes on your Bitcoin profits?

Suppose you make a million dollars. Suppose you have already made a million dollars. Are you going to hand half of that cash over to the government? Of course, this is assuming you convert your coins into federally recognized cash. If your only intention is to amass a huge supply of Bitcoins, the question does not apply to you.

You're supposed to pay income taxes. It seems rather easy to get away with not doing it, though... at least in this case.

we live in a country and the country requires taxes, it would be nice we always pay taxes

Stegobit

jr. member

Activity: 154

Merit: 1

Quote from: Lagoons on March 04, 2018, 10:00:20 PM

Yes, especially since coinbase now has to hand such information for such a large amount to the IRS. And they sure as hell going to check it.

Coinbase is the only exchange for you?

Quote from: kerwin p on March 04, 2018, 10:38:20 PM

Of course yes, im a good citizen that will help our country.

Country (territory and people) ≠ government (gang of bandits and terrorists)!

kerwin p

newbie

Activity: 26

Merit: 0

Of course yes, im a good citizen that will help our country.

Lagoons

newbie

Activity: 80

Merit: 0

Yes, especially since coinbase now has to hand such information for such a large amount to the IRS. And they sure as hell going to check it.

Topic: Are you going to pay taxes? - page 6. (Read 18733 times)